Company is responding to global logistics challenges
Press Release
Media Contact: Joseph Grande
ph: + 1.413.684.2463
joe@jgrandecommunications.com
THE WOODLANDS, Texas – Feb. 27, 2024 – SI Group, a leading performance additives company, announced today a price increase applied to global products, depending on product line and region, in response to increasing transportation costs due to current global logistics disruptions. The price increase is effective immediately, or as contracts allow, and is in addition to all previously announced changes.
“In light of the evolving market dynamics, SI Group remains steadfast in our efforts to address the challenges posed by the current logistics challenges in the Panama Canal and Suez Canal," stated Joey Gullion, Senior Vice President and Chief Commercial Officer at SI Group. "While we have diligently worked to mitigate these increased costs, it has become necessary to increase prices on our products. This decision underscores our unwavering commitment to delivering superior products and services to our customers. We are actively collaborating with our global partners to ensure transparent communication regarding our action plans and to offer visibility into any incremental adjustments."
SI Group will continue to monitor market conditions and communicate regularly with valued customers. Impacted customers will be contacted directly by their SI Group Account Manager.
About SI Group
SI Group is a global leader in the innovative technology of performance additives, process solutions, active pharmaceutical ingredients, and chemical intermediates. SI Group solutions are essential to enhancing the quality and performance of countless industrial and consumer goods within the plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. SI Group's global manufacturing footprint includes 20 facilities on three continents, serving customers in 80 countries with approximately 2,000 employees worldwide. In 2021, SI Group received a gold award for corporate social responsibility by EcoVadis and is ranked among the top five percent of more than 50,000 worldwide companies. SI Group innovates and drives change to create value with a passion for safety, chemistry, sustainability, and extraordinary results. Learn more at www.siigroup.com